NL25 - 3-Bet Light 55, squeeze

[FreddyT87]

the guy who raised was a TAGish 35/16/1.1 and the guy who called was a loose player like 48/8/0.8 so I decided to go for a squeeze here that might also be a value bet, because the 55 could very well be the best hand preflop. now here's what happens

Poker Stars
No Limit Holdem Ring game
Blinds: $0.10/$0.25
6 players
Converter

Stack sizes:
UTG: $23.15
UTG+1: $23.85
Hero: $27.45
Button: $26.95
SB: $26.35
BB: $10.40

Pre-flop: (6 players) Hero is CO with 5[img]/images/graemlins/spade.gif[/img] 5[img]/images/graemlins/heart.gif[/img]
<font color="#cc0000">UTG raises to $0.75</font>, UTG+1 calls, <font color="#cc0000">Hero raises to $3.5</font>, 3 folds, UTG calls, UTG+1 calls.

Flop: 2[img]/images/graemlins/spade.gif[/img] Q[img]/images/graemlins/diamond.gif[/img] 3[img]/images/graemlins/spade.gif[/img] ($10.85, 3 players)
UTG checks, UTG+1 checks, Hero checks.

Turn: 4[img]/images/graemlins/diamond.gif[/img] ($10.85, 3 players)
UTG checks, <font color="#cc0000">UTG+1 bets $1.5</font>, Hero calls, UTG folds.

River: 5[img]/images/graemlins/diamond.gif[/img] ($13.85, 2 players)
<font color="#cc0000">UTG+1 bets $5</font>, Hero


Villain has an Ace here often enough to fold? Should I have bet the flop? Raised the turn? Comments on all streets appreciated.